The British property market is continuing to slump as people are finding it harder to get loans to finance purchases, it has been suggested.
People are being prevented from taking the first step onto the property market as mortgage lenders are asking for up to 25 per cent of a property's value as a deposit.
The Royal Institution of Chartered Surveyors (Rics) say that these are the worst conditions seen for at least 30 years. Some estate agents have also reported selling less than one property a week.
Spokesperson for Rics Jeremy Leaf said: "A lack of mortgage liquidity is the key issue which is keeping the housing market from showing any real sign of recovery."
The Guardian has also reported a plummet in the cost of houses sold at auction, according to Liberal Democrat calculations.
Loans to first-time-buyers are at a record low and that people are adopting a "wait and see" attitude, according to figures from the Council of Mortgage Lenders.
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